urocoinfandomcom-20200214-history
Frequently Asked Questions
Frequently Asked Questions Is there a Premine? The blockchain is starting at block 0 - first block with transactions will be mined after launch - so nowhere to hide scam transactions. If anyone know there is still a potential vulnerability regarding hidden coins given above statement - please contact true-asset and we will reveal further - happy to post snippets or PM source if needed. Why so small quantity of coins? This is related to the backing to real quantities of Urea. We want to make 1 Uro a meaningful trading unit and there is a limited amount of Urea initially that will be available for underwriting. The 10% growth per year will help with supply. However we expect a slow appreciation of Uro's value against other securities in the long term. What are the states/countries you are targeting? ''' Asia, Africa, South America and (mainly Eastern) Europe. '''Why do you think these multimillion dollar companies use URO instead of USD? Because Uro represents a futures contract trading facility that can be used to hedge against the volatile and illiquid state of current USD based trading methods. What will be the basis for Uro/Urea initial backing/underwriting ratio? The ratio is 1 URO per 1 MT (metric ton) of urea. Can you explain your reasoning behind this distribution? Why isn't the block reward like 0.000001 metric tonnes? Why isn't it 0.0000001 kg? We made the choice because we feel it is the simplest and best amount. Will this ratio keep changing year on year or will it change? If so, on what basis? Once established the ratio is very unlikely to change - since farmers will be relying on its value as a back to a certain amount of Urea. However our partners are committed to following the 10% per annum increasing in underwriting volume. To make this sustainable in the long term (5+ years) the initial agreed ratio is crucial, hence why we are spending so much time and effort on getting that number right and having all the correct legal paperwork to set it in stone for current and future generations to benefit from the plan. Will there be a market for these farmers who need Uro to get Urea? The NIERs (National Importer/Exporter Representative) are already in discussions with local wholesalers to facilitate purchases of Urea with Uro. These local wholesalers will also be a point of sale for Uro (effectively providing farmers a way of purchasing Urea futures contracts easily without any paperwork) We are recruiting developers to create local regional online exchanges for Uro against Urea and national currencies. These exchanges will tie in as online ordering systems for the local wholesalers - bringing them up to date with 21st century e-commerce. Why are these being given out to cryptocurrency miners? Miners are being paid to run the network - just like Bitcoin - which is worth $650 USD Why has the NIERs not bought up all the Uro on the market? Sustainability: The need for the Uro community to prove itself as a long term, sustainable crowd business model: The Foundation wants to see Uro grow organically on its own, with its own proud tradition. Uro needs to be convincing to the general public as represented by the community here. Uro needs to stand alone on its own principles and economic foundations. A few companies buying up all the currency supply does nothing to achieve this. Ethics: it is just plain wrong for the Foundation members to manipulate the market by hoarding all the Uro supply. In the share market – this would be considered some form of insider trading anddefinitely breaks a number of laws. Just because the cryptocurrency space is unregulated by the government doesn’t mean that we should not hold ourselves to high moral and ethical standards. Having a few parties with a majority stake in the currency supply simply breeds opportunities for market manipulation that benefits almost no one. Market creation and growth via “Earned Distribution”: To have a market – you need mass participation. What is the point of Uro if – when it reaches its proper value – that only a few hold it? There will be no point to such a currency – currency is something that is useful for exchange between people – especially strangers. The bigger the market the better – and we believe that the best way to create a large market is through what we call “Earned Distribution”: everyone that is holding Uro have earned them – by mining to keep the network operating, by contributing to the community via posting new information to strengthen its value, by buying some Uro. This is the free market at its best – mass participation with no freeloaders. Policies in Philanthropy: For the NIERs – Uro is not a sale, Uro is not something that fits the metrics of what that the Urea trading firms will pay for as an expense or an investment. for the NIERs – the best category for Uro to fit in is as part of the philanthropic and R&D activities these companies get involved in. Over the years – the NIERs have learned that handing out cash usually ends up with corrupt officials and middlemen absorbing the majority of the donations or funding – so the NIERs now have a policy: No cash handouts. This policy is the result of tens if not hundreds of millions of dollars in hard lessons learned from past charitable and R&D activities. The NIERs are fine with providing millions of tonnes of Urea knowing that it will go towards planting something that will help feed people in need, but not okay with providing funds so that Uro can be temporarily and artificially inflated in value on a currency exchange just so that a few early adopters can cash out.